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AAR increases lead in Asia Pacific project finance

8 February 2006

Allens Arthur Robinson (AAR) has increased its share of the Asia Pacific project finance advisory market, again ranking first in Dealogics' 'Asia Pacific Legal Advisers on Project Finance Deals 2005' table and the 'Australasia Legal Advisers on Project Finance Deals 2005'.

According to the respected 2005 Dealogic Project Finance Review, AAR was also ranked ninth out of all law firms globally.

AAR's market share in the Asia Pacific region versus all other firms improved by 2.8% to 14.8%, reflecting the firm's success in the small to medium deal sector in a softening market.

The firm is credited with 32 deals for the year and apportioned deal credit of US$4.6 billion (A$6.1billion). In particular, AAR was successful in catering to the booming energy and resources sectors.

'I was pleased by our penetration of the small to medium-sized deal market of up to US$100 million, particularly in the oil and gas area, as that was where the opportunities lay in 2005,' said Phillip Cornwell, Partner and Project Finance Practice Group Leader.

'It was great to see our younger partners strongly represented in the deal flow, reflecting the depth in our team. I thank all the partners and staff in our project finance group for their work in what was a softer year for the sector,' Mr Cornwell said.

The Dealogic survey found global project finance volume fell slightly to US$171.5 billion in 2005 (A$228 billion), with South-East Asian volume down to US$17.4 billion (A$23 billion).

Deals advised by AAR during the year included the Mitcham-Frankston Tollway in Victoria and the acquisition of a stake in the Moran Oilfield in PNG.

Mr Cornwell said 2006 was again likely to feature the resources and energy sectors.

'I think there's a good possibility that the project financings associated with the PNG gas pipeline will be launched this year. We are also expecting quite a lot of activity in all aspects of the energy field, including renewable and gas-fired power projects,' he said.

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Notes for editors.

Allens Arthur Robinson was Best Large Professional Services Firm of the Year and Best Large Law Firm in the 2006 BRW-St.George Client Choice awards, and the Chambers and Partners 2005 Australasian Law Firm of the Year. AAR has been awarded an EOWA Employer of Choice for Women citation by the Federal Government's Equal Opportunity for Women in the Workplace Agency (EOWA). Allens Arthur Robinson offers one of the most comprehensive legal networks in Australia and Asia with staff based in 14 cities and eight countries across the region. It was founded in 1822.